Since both have seen bullish action lately, I thought I'd compare Platinum and Gold.
The 5-Year Weekly chart below of Platinum shows that price has stalled at a confluence of an apex of a large triangle, a 60% Fibonacci retracement level, and the upper Bollinger Band. Note the recent volume spikes. If price can break and hold above 1714, it has a chance of reaching the top of the triangle at 1760ish, or 1800 (which is the upper Value Level of the Volume Profile shown along the right edge of the chart).
The 5-Year Weekly chart below of Gold shows that price has stalled around the 50 sma (red) at the 1660 level. The next major resistance level is at 1800, provided it can break and hold above the mid-Bollinger Band at 1717.30.
The 3-Year Weekly chart below shows Platinum, depicted in candles as the primary instrument, with Gold as secondary and shown as a line. Both Platinum and Gold have generally tended to move in tandem during this timeperiod. Platinum has stalled at a downtrend line, but the RSI is now rising and above 50.00 and the MACD has crossed up. At the moment, it is outperforming Gold. A break and hold above the downtrend line should favour continued buying in Platinum.
The 3-Year Weekly chart below is a ratio which depicts Platinum's relative strength as compared to Gold. It shows, more clearly, its recent strength on rising RSI, MACD, and Stochastics confirmation.
In conclusion, both Platinum and Gold have similar resistance/target price levels, although Platinum has been a bit stronger recently. It may be worthwhile watching both of them, in order to see which one may produce the first clue as to either continued strength (in both), or developing weakness (in both) during the next week(s) ahead.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
please read my full Disclaimer at this link.
UPCOMING (MAJOR) ECONOMIC EVENTS...
* Tues. July 25 ~ 2-day FOMC Meeting Begins
* Wed. July 26 @ 2:00 pm ET ~ FOMC Announcement
* Fri. Aug. 4 @ 8:30 am ET ~ Employment Data
* Wed. Aug. 16 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Sept. 6 @ 2:00 pm ET ~ Beige Book Report
* Tues. Sept. 19 ~ 2-day FOMC Meeting Begins
* Wed. Sept. 20 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Tues. Oct. 31 ~ 2-day FOMC Meeting Begins
* Wed. Nov. 1 @ 2:00 pm ET ~ FOMC Announcement
* Tues. Dec. 12 ~ 2-day FOMC Meeting Begins
* Wed. Dec. 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference